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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 14837
Experience:  15years with H & R Block. Divisional leader, Instructor
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I started a new business in 2015 considered a real estate flipping

Customer Question

I started a new business in 2015 considered a real estate flipping business. The business never purchased any properties or made any money. I did not know that I needed to file a tax return. I am not sure that I ever did the appropriate filing with the irs. I do have state documents that say articles of incorporation but not sure if i ever did form 2553 with federal govt.
JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?
Customer: Do I need to file an 1120S if I never did the 2553 and business didn't make any money.
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.
Submitted: 11 months ago.
Category: Tax
Expert:  Robin D. replied 11 months ago.
HelloA corporation or other entity must file Form 1120S if(a) it elected to be an S corporation by filing Form 2553,(b) the IRS accepted the election, and(c) the election remains in effect.If you filedg Form 2553, you should have received confirmation that Form 2553 was accepted. If you didn't receive notification of acceptance or nonacceptance of the election within 2 months of filing Form 2553 (5 months if you checked box Q1 to ask for a letter ruling), take follow-up action by calling 1-***-***-****. Don't file Form 1120S for any tax year before the year the election takes effect.If you did not then you do not need to file the 1120s.